You are lucky it was fresh water. Suggest you remove the plug, drain all the fuel and oil, tip the motor in all positions, blow everywhere you can with compressed air. Squirt a little light oil in the plug hole, ground the plug wire and slowly turn it over a few times. With the oil and spark plugs out invert the motor in all positions again. Re-fuel, new oil, new spark plug,
turn over slowly a few times, making sure there is no hydrolock, then try to start. You can ground the plug and check for spark before hand or just try to start it. At this point you don't have much to lose.

Forgot this, make sure to drain the carb before starting. I had the same motor, mine had an in line filter inside the fuel line where it comes out of the tank, very fine mesh, don't know if it will pass water and you can't see the filter from the outside. Suggest you use an additive/stabilizer in the new fuel. As mentioned above the electrics are the weak link. If you can't get it to run perfectly you might want to take them out and replace them. A shop may be able to test them for you?

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